Accounting WAEC

What is the annual depreciation charge of straight-line method is used?

Use the following information to answer the given question,

#
Purchase price of equipment 60,000
Freight and installation cost 10,000
Annual maintenance cost 1,000
Estimated useful life – 5 years
Estimated scrap value 2000

A. N14,000
B. N13,000
C. N12,000
D. N10,000

Correct Answer: Option B

B. N13,000

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